Bitcoin (BTC) continued to rally at the weekly close of October 30 as concerns over a deep correction became louder.
A trader removes a new long below $21,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling below $21,000 on the day.
Weekend trading saw an early pullback above the $21,000 mark, which was short-lived as Bitcoin bulls failed to provide the volume to sustain higher levels.
Now, the famous trader and analyst Il Capo of Crypto has realized that the change in direction is finally due to Bitcoin and altcoins.
Altcoins themselves performed strongly over the weekend, led in particular by Dogecoin (DOGE), which was up another 25% in the past 24 hours and a six-month high at the time of writing.
“In my opinion the top is in $BTC and $ETH, but some altcoins can be recorded more.” He wrote Partly in a new Twitter update.
“I’m not going into any new long positions and tracking my stops with profit (altcoins). I’m going to fully TP soon.”
Profit-taking has been a hot topic in recent days, with on-chain indicators suggesting that the challenge will be greater if Bitcoin passes $21,000 more convincingly.
Responding to Il Capo of Crypto, trading partner Mark Cullen sounded a similar caution on short-term market strength.
Bitcoin, he said, “has been below 21k too long for my liking, especially with Alts/ETH running.”
But I think they’ll break the golden zone and push higher first. I lose 20.4k and start questioning everything,” he said. He tweeted..
“Uptober” on track to gain 7% to the side
On the daily chart, BTC/USD is close to the 100-day moving average (MA) as it managed to overcome the 50-day MA during the week.
RELATED: As Bitcoin Price Drops Below $20K, Traders Warn Miners ‘Buying’
Turning to the weekly and monthly charts, October 30 looked to provide Bitcoin’s highest weekly candle since mid-September.
At current prices, Bitcoin is up 7% in October, still its third weakest performance since 2013, data tracked by data tracker Coinglass shows.
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